Income Statement

Front

The Income Statement lists a businesses: Revenue, cost of goods and Expenses

Back

Revenue, cost of goods and Expenses

Front

What is the purpose of an income statement?

Back

calculate net profit

Front

Which of the following means money spent? income, expense, net income, gross income

Back

expense

Front

Which of the following means money received? net loss, net gain, insurance, income

Back

income

Front

Examples may include salaries, utilities, rent, insurance, and office supplies.

Back

Expense

Front

Which one is not an expense? Options: raw materials, production costs, commission received, insurance

Back

commission received

Front

Gross profit is calculated by...

Back

Revenue - Cost of Sales

Front

Cost of sales is calculated by...

Back

Opening stock + purchases - closing stock

Front

When expenses are greater than income?

Back

net loss

Front

A Net Profit occurs if: Gross Profit is greater than expenses, Expenses greater than Gross Profit, None of the listed choices

Back

Gross Profit is greater than expenses